When you’re planning your departure from this world to the next, you’re probably trying to get things in order to make your passing easier on those you love. You want to be sure that they have what they need – money to pay for your funeral, maybe a little to take a few days off from work while they recover from your passing. It would be nice if you could give a little more, but that’s the basics. One thing that many people overlook when they’re planning for their death is what could potentially happen in their life.

A single premium life insurance plan is flexible in that it will build more value over time as it’s fully funded from the day you buy it, and it will allow you (in most circumstances) to withdraw up to 90% of the value to cover any unforeseen circumstances such as long term care should you get ill or suffer an injury you can’t afford to pay the costs for. Of course, you don’t want to have to deal with long term care or serious injuries, but it’s always good to be ready for the unexpected.

If you buy a single premium life insurance policy at age 50, and pay $100,000 for it, you might expect a death benefit of $400,000 upon the unfortunate event of your death. That means, should you need to, you’ll be able to withdraw up to $360,000 eventually; while still leaving $40,000 to leave to your beneficiaries. Chances are that you’ve got other insurance policies such as long term care insurance, or insurance provided by your retirement package from your company if you worked there for a long time, so the chances you’ll actually have to withdraw that money are slim. Still, it’s nice to know it’s there if you need it.

The only downside of a single premium life insurance policy for many people is that it requires the entire payment up front. If you don’t have a large amount of disposable income, then this type of insurance is probably not the best for you. However, if you can afford the premium, a single premium life insurance policy is a great way to protect your retirement, and the estate you’ll be leaving to your survivors.

Puritan Financial Companies is a diversified financial services firm specializing in helping people from their peak earning years through retirement to secure their financial future. Visit Puritan Life Insurance at www.puritanlife.com. The information contained in this blog post is for informational purposes only and should not be construed as legal, tax, or investment advice.

It’s never too early to begin planning your retirement – the most important aspect of which is your retirement income planning. How, exactly, do you intend to finance your lifestyle when you’ve quit working? There are a variety of opportunities available to you, and they should definitely be thought through as you do your retirement income planning. There are also a wide range of variables that you’ll need to consider.

Options that you will consider for your retirement income planning are Social Security Income, any 401(k) plans you may have, investments as well as any other program your banks or employer may offer. There are other options available, such as retirement annuities and other insurance products you can consider to aid with your retirement income. Retirement income planning should not be put off – over the past few decades, more and more retirees are being forced out of retirement and back to work due to a slumping economy or poor retirement planning.

The choices that you’ll want to mull over are things such as sending your children to college, interest rates on your savings and retirement accounts, as well as what your current income is and what you can save for your retirement. If you have children and you intend to help them pay for college, you need to plan that into your retirement income planning. College is a very expensive investment that can take away from money that you could be putting into your retirement savings. There are ways that you can plan for college for your children without really affecting the money you can save for yourself.

There are many things you need to take into consideration when you’re working on your retirement income planning. There are also many products available to you to help you achieve your goal, and the sooner you start planning for retirement, the easier it will be for you to save more money.

Puritan Financial Companies is a diversified financial services firm specializing in helping people from their peak earning years through retirement to secure their financial future. Visit Puritan Life Insurance at www.puritanlife.com. The information contained in this blog post is for informational purposes only and should not be construed as legal, tax, or investment advice.

Medicare is provided by the government to help seniors pay for their medical expenses. Like your health insurance when you were employed, Medicare doesn’t cover all the costs and you may have copays and other out of pocket expenses if you visit a doctor, hospital or pharmacy.

In order to help cover the gap between what you spend on your medical needs and what Medicare covers, many insurance companies offer Medicare Supplemental Insurance, or Medigap. The name refers to the gap between what’s covered and what you spend, and Medicare Supplement Insurance covers all or part of that gap with the intention of reducing the amount of money that you spend on your medical bills.

Medicare Supplement Insurance is much easier and more convenient to shop for as the insurance plans are standardized nationwide. No matter which insurer you use in any state, Medigap Insurance Plan A provides the same basic benefits. If an insurer offers you the same Medicare Supplement Insurance plan you’re already on, except cheaper, you know you’re not going to lose any basic benefits by switching.

Medicare Supplement Insurance is available in plans from Plan A to Plan N, each with their own coverage, advantages and disadvantages. When shopping for your Medigap coverage, make sure to do some research and get the coverage that best suits your needs. Consider talking with a knowledgeable Medicare Supplement Insurance Agent who can help you choose the right plan and insurer to meet your needs. With all of the plan options and differences in coverage, getting help from someone who understands the different insurance plans and basic benefits can save you a lot of time and money in the long run. By working with a Medigap insurance specialist the more likely you are to choose the best plan for your needs and save money; and in these uncertain times it’s a good idea to save all the money you can.

Puritan Financial Companies is a diversified financial services firm specializing in helping people from their peak earning years through retirement to secure their financial future. Visit Puritan Life at www.puritanlife.com. The information contained in this blog post is for informational purposes only and should not be construed as legal, tax, or investment advice.

The idea of retirement is on the minds of any worker in America today. We all look forward to the day that we can finally put away our uniforms and the instruments of our job and spend our time enjoying things we didn’t have a chance to do when we were younger. Unfortunately, with the way the economy has been going the past few years, many retirees are being forced out of retirement and back into work during what should be their years of relaxing.

Because of this, many companies have come up with new ways to plan for your retirement. One of those ways is called a life annuity. The way a life annuity works is fairly simple. A life annuity is essentially and insurance policy; the premiums that you pay now cover the payoff upon the insured event. In a life annuity designed for a retirement, that event would be the age at which you’d like to retire.

From now until the day you retire, you will pay into your account at the agreed upon amount. The money is then saved or invested, depending upon the structure of your contract. If it’s saved, you’ll earn less interest on the account – and thus your monthly payments will be lower. If you allow them to invest, there’s a risk involved. You stand to profit better in the end, but there’s also the possibility that you could lose money as well.

Once you’ve reached your retirement age, you stop making payments and the balance is converted into monthly payments to supplement your retirement income.

As you can see, a life annuity can be a great way to supplement your retirement income, or can even serve as the backbone of your retirement. Combined with other programs such as Social Security and your 401(k), as well as savings and other investments that you may have; your life annuity can help to make your retirement comfortable, as well as insure that you aren’t one of those forced out of retirement.

Puritan Financial Companies is a diversified financial services firm specializing in helping people from their peak earning years through retirement to secure their financial future. Visit Puritan Life Insurance at www.puritanlife.com. The information contained in this blog post is for informational purposes only and should not be construed as legal, tax, or investment advice.

A lot of people aren’t really sure how an annuity is going to help them when they retire or their family when they’ve passed away. For that reason, many people need annuities explained to them in simple terms they can understand. Basically, an annuity is an insurance policy that you pay into for a specified amount of time for a stream of monthly payments once the account becomes annuitized.

Let’s just say you’re 30 years old, and you’re planning on using an annuity to help provide a retirement income. You want to retire at 65, so you’ll be paying into that annuity for 35 years. Once you’ve reached the age of 65, your account becomes annuitized and instead of making payments to the insurance company, they start sending you a check every month to help (or completely cover) your expenses once you’ve retired. Depending upon the level of risk you’re willing to take on, your money will be put to use by the insurance company in either an interest bearing account or invested for a potentially very profitable return. The company will take their cut, and you’ll get a cut of the interest as well as the money you put in. Over 35 years, the money you pay in could grow exponentially.

If you choose to name a beneficiary other than yourself, in the even of your death the beneficiary will continue to receive that same check that you got. In that way, you essentially have a retirement income as well as a backup life insurance policy by using a retirement annuity as a tool in your retirement. If you don’t name another beneficiary, however, the annuity ends and the company will reap the benefit as an unexpected windfall.

Annuities explained, simply: Annuities can be used as a very strong and flexible tool for your retirement. Some will even allow you to withdraw money (with or without penalties) in the event that you suffer an injury or illness that puts you out of work. You’ll need to do some research to find the right annuity, but they can be a very strong tool to plan for your retirement or death.

Puritan Financial Companies is a diversified financial services firm specializing in helping people from their peak earning years through retirement to secure their financial future. Visit Puritan Life Insurance at www.puritanlife.com. The information contained in this blog post is for informational purposes only and should not be construed as legal, tax, or investment advice.

When you were younger, you had life insurance to protect your family in case you passed away and could no longer provide for them. Now that you’re getting older and passing into retirement, you’re wondering if it’s still important to have life insurance for seniors. You’re not supporting them anymore; they can do it on their own. So, why do you need life insurance still?

You probably want to leave some sort of legacy to your surviving family members, and you definitely don’t want them to have to pay for your funeral out of pocket. Life insurance can help you do that by paying a benefit to any beneficiary you select upon your death. Depending on the life insurance plan that you choose, the benefit could be enough to cover your funeral, or even provide a lasting legacy to your heirs that could help them out and maybe even help your children or grandchildren go to school.

There’s a lot to learn about life insurance for seniors if you’re going to select the right plan for you and your family’s specific needs. You’ll want to know things like the amount of the death benefit, the duration of your policy, your premium, the protection and savings components as well as any information about the possible dividends.

Life insurance for seniors is a major decision that will affect you now and your family once you’re gone. You definitely need to do your research when choosing a life insurance plan that will fit your needs and those of your family. You’re definitely going to want to find a life insurance plan that is affordable on your retiree’s income, but you don’t want a plan that will leave your family struggling after you’ve passed on. And it would be nice if there was a little left over that you could leave to your family as a final gesture of your love, wouldn’t it?

Understanding the differences between Single Premium Indexed Life and indexed annuities can be confusing. Many of the features between these two products overlap, although there are some distinct differences. Both single premium indexed life policies and indexed annuities offers returns on contributions that are made into the plan based on some market or equity-based basket index. The word “index” is the insurance company’s way of guaranteeing a minimum return and limited risk due to portfolio loss; it determines how investment interest is calculated. There are different indices like, for example, the Standard & Poor’s 500, NASDAQ-100, and Dow Jones Industrial Average Index. Single Premium Indexed Life’s death benefit, if properly structured, can be tax free. However, the growth portion of an indexed annuity payment is subject to tax.

An annuity is a business contract promising a future stream of payments in return for some lump sum of money. A life insurance contract is designed more from the perspective of survivors and beneficiaries. The difference is in the timing and benefits. Annuities meet the needs of the living while life insurance products protect those after death. An annuity pays back the lump sum investment in addition to any investment growth. A life insurance investment alternatively is designed to return larger amounts than the premium paid.

The financial planning decision regarding the purchase of either an indexed life or an indexed annuity rests on long-term intention. The answer depends on whether you intend to protect retirement income needs or the future needs of your family and other beneficiaries. These complicated topics require careful thought. They are critical in formulating a successful strategic plan that ensures both a productive and enjoyable retirement as well as care for the welfare of your heirs.

Finding the best life insurance policy can be a difficult task, as there are a slew of plan choices from various insurance providers. A dedicated life insurance agent can help you plan for the future, and help you select the right insurance for your needs.

Selecting a qualified insurance agent can make the process of choosing the right insurance policy much less stressful. Keep in mind that your agent should be trained and keep up to date with the world of life insurance policy options. An insurance agent should represent several good carriers that have an array of insurance plans to meet your needs. The difference between a good insurance agent and a great one is their desire to listen to you, answer all your questions, and explain everything to your satisfaction.

As a senior, you deserve to have an agent that explains everything to your satisfaction. If your agent seems to be lacking in the “customer relations” department, beware. An agent should have the heart of a servant. If they don’t, will they take the time to research your needs and give you the best possible choices? Will they screen the insurance carriers for their financial strength? Will they do what it takes to give you the confidence that you are making the best possible decision when it comes to providing for the future of your family?

A senior should have confidence in their life insurance agent. One of the reasons seniors get life insurance is for added confidence – to know that the needs of their beneficiaries will be taken care of no matter what. Confidence in your recent policy purchase, as well as your insurance agent, can provide you with the peace of mind to enjoy your retirement, and know that your family will be taken care of when the time comes.

Life Insurance has many purposes, and one should consider their children in the estate planning process. Leaving behind enough money in one’s estate is especially important when your children are financially dependent on you. Many seniors have children who haven’t finished their schooling or have children with special needs that require extra resources for their care. Consider the cost of healthcare assistance for children with physical or mental ailments. Many seniors have children that are acting as single parents, and need financial help along the way. Many parents just want to leave an inheritance to their adult children, to use as their children see fit. The inheritance you provide them with via the benefits of a good life insurance policy can help take care of any of these needs.

When planning your estate, a life insurance policy designed for seniors in your situation can provide the extra liquidity to take care of these needs. Aside from its main purpose as a buffer against any unexpected life situations, it can also be used as a tool to transfer wealth from you to any beneficiaries (such as your children). If properly set up, the benefits of life insurance policies can be passed to your heirs tax-free.

Senior life insurance policies have the ability to empower you and your family financially in the event of your passing. Whether your beneficiaries have special needs, or just need a little extra help in providing for their respective families, the purchase of a good life insurance policy with ample coverage and benefits is a prudent choice. Quality life insurance can go a long way in protecting your family and maintaining the lifestyle they are accustomed to.

In selecting any product or service, we rely on the reputation of a company before taking the plunge and making the purchase. When purchasing life insurance for seniors, one should consider the reputation of the insurance carrier. What should a senior look for in determining that reputation?

Seniors should consider the estate settlement capabilities of any insurance carrier. Once the policy holder passes away, how easy is it for the beneficiaries to receive the policy benefit? The passing of the policy holder can be a trying time. Choosing an insurance carrier that has a solid history of helping beneficiaries settle the policy can make this time easier.

An insurance company’s customer service says a lot about the business. Carriers that are proactive in helping people who have questions about a policy they are interested in, as well as existing client concerns, shows a dedication to service. Life insurance for seniors can be complicated. Your insurance carrier’s customer service team should be focused on providing education and guidance on the maintenance of your life insurance policy. Poor customer service can be an omen for what’s to come when it is time to file a claim on the policy.

The financial strength of insurance carriers can be a good indicator of their reputation. Those carriers that take a conservative approach in ensuring their financial viability have their policyholder’s best interests at heart. Insurance carriers that provide good value show a commitment to servicing their customers. Competitive rates coupled with great coverage and outstanding customer service can provide the peace of mind that seniors deserve from their insurance carrier.

Life insurance is all about entrusting your future to those you purchase your insurance policy from – a company with great customer service will prove to be a worthwhile choice.